Topps Tiles secures new financing deal

Topps Tiles PLC has agreed a new five-year £50 million financing package with the Royal Bank of Scotland and Barclays.

The revolving credit facility will help to support Topps Tiles’ ongoing store expansion programme as well as continued investment in its existing retail portfolio.

Manchester-based Topps Tiles is the UK’s largest tile specialist, supplying tiles, wood flooring and related accessories to retail and trade customers across the UK.

Since opening its first store in Manchester in 1963 the Topps Tiles group has built a network of 330 stores nationwide with more openings in the pipeline, and has more than 1,500 tile specialists in-store.

Rob Parker, Chief Financial Officer of Topps Tiles, said: “We have strengthened our market leadership position significantly in recent years and have a well-established strategy for further expanding our market share. We are delighted to continue our relationship with RBS and Barclays and the facility provides a sound platform for our continued expansion.”

Sam Reynolds, Relationship Director at RBS Manchester, said: “Topps Tiles is a brand that is recognised throughout the country by customers for an excellent range of products and customer service. We have developed a strong relationship with the management over the years and look forward to the business fulfilling its strategic growth plan in the coming years.”

Source : Topps Tiles Press Release